Search Results for: Venezuela

A former DEA agent who laundered money undercover to attack the Medellín and Cali cartels has called for a root-and-branch reform of AML, so that its vast resources target the most suspicious transactions and the professional launderers who facilitate them. Speaking to MLB, Robert Mazur, who offered ML services to drug kingpins such as Pablo Escobar in the 1980s and 1990s to undermine their criminal networks, said that many laundering techniques used then are still in use today.…

INTRODUCTION

Financial crime is a minefield for the international textile and clothing industry. With extended international supply chains extending into jurisdictions where the rule of law and a reliable independent judiciary may have a weak hold, if they exist at all, textile and clothing brands and manufacturers must take care.…

THE EUROPEAN Union (EU) continues to struggle to clamp down on fraud within its revenue collection and spending programmes – making progress, but with major scams still emerging within the EU’s complex international decision-making systems.

In its latest annual ‘fight against fraud’ report (1) (2), covering 2019, the European Commission reports that 939 discovered irregularities were reported as fraudulent (8% of the number), involving EUR461.4 million in lost money (28% of that affected by irregularities).…

ACCESSING the dark web once demanded some computing expertise. But dark web search engines and browsers continue being developed, guiding potential users to this encrypted corner of the web where commercial criminals ply their wares and illicit businesses avoid taxes. How should legitimate companies react?…

WANT to check the dark web for illicit services? Search engines accessible from the public web offer links to the dark web. One example is Finland-based Ahmia (https://ahmia.fi/), which yields interesting results from searches such as https://ahmia.fi/search/?q=hacking. A more recent variant that has attracted attention from the IT security press is Kilos – http://dnmugu4755642434.onion…

Nicaragua, a leading apparel producer in Central America, has been suffering a decline in revenue on exports to the European Union (EU) this year, expect for one category that is bucking the trend: T-shirts.
According to the EU statistical office Eurostat, total revenue from the country’s apparel and footwear exports to the region dropped 6.8% to EUR178.2 million in the first half of 2019 from EUR191.2 million in the same period in 2018.…

More than one in five or around 56 million people who accessed public services in Latin America and the Caribbean last year paid a bribe, according to the latest 18-country survey from Transparency International. The police notched up the highest bribery rate (24%), followed by other public services such as utilities (19%). …

WITH anti-money laundering and combating the financing of terrorism (AML/CFT) controls becoming ever more comprehensive, strategic and widespread, the demand for trained AML/CFT professionals is growing. Salaries are increasing, as a result. This good compensation reflects the fact that AML work is becoming increasingly demanding because of regulatory requirements, said Michael Harris, director, financial crime compliance, at LexisNexis Risk Solutions.…

IT has been another subdued year for the beauty and personal care product market in Latin America, as the region’s economy underperforms yet again after six years of deceleration (and in some countries outright recession), keeping a lid on sales growth. …

BANKS worldwide are having to take increasing care lest they be fined for violating sanctions and not having adequate regulatory compliance regimes in place. With the USA expanding sanctions against Venezuela and Iran, financial institutions need to not only have adequate screening software but anticipate potential new regulations and that regulators will be pouring over past activities.…

In a significant ramp up of its pressure on the government of Venezuelan President Nicolás Maduro, the United States Treasury Department’s Office of Foreign Assets Control (OFAC) on Monday (January 28) announced the imposition of new sanctions against the country’s state oil company Petróleos de Venezuela SA (PdVSA).…

The United States Treasury Department’s Office of Foreign Assets Control (OFAC) has announced the imposition of new sanctions against the country’s state oil company Petróleos de Venezuela SA (PdVSA). These effectively halts US purchases of oil from Venezuela – the Latin American country’s economic lifeblood.…

It is hard to avoid either a cosmetics store or an advertisement for one in Chinese cities today. A mind-boggling wave of new retailers set up by investment firms to cash in on the cosmetics and personal care boom are eagerly seeking franchisees around the country.…

THE DUTCH Caribbean continues to have a weak reputation for fighting money laundering, and to a lesser extent terror financing, with the US 2017 International Narcotics Control Strategy Report (INCSR) highlighting weaknesses in its three autonomous jurisdictions. See https://www.state.gov/documents/organization/268024.pdf

Aruba, Curaçao and Sint Maarten are ‘countries’ within the Kingdom of the Netherlands, with their own prime ministers, while less populous islands Bonaire, St Eustatius (Statia) and Saba are municipalities, with fewer powers vested in their island councils, and the Dutch government being responsible for enforcing international anti-money laundering and combating the financing of terrorism (AML/CFT) norms.…

Cryptocurrencies have made a big splash across Asia, and governments have taken very different regulatory approaches to curb associated financial scams and money laundering.

While there is one group of countries that has banned the operation and use of cryptocurrencies entirely, including China, India and Vietnam, a second category spans countries that see cryptocurrencies as potentially boosting their own financial sectors.…

EUROPEAN Union (EU) and Mercosur negotiators went into crucial trade talks in Uruguayan capital Montevideo September 10-14, cheered on by automakers on both sides who want a deal, even though there are tough technical issues to resolve. The round is another bid to smash the deadlock over a future trade pact between the EU and the four founding Mercosur nations – Argentina, Brazil, Paraguay and Uruguay. …

AML compliance departments are having to take an increasingly close look at any transactions involving Venezuela, as its authoritarian government attracts increasingly large numbers of international sanctions.

The European Union (EU) in June sanctioned 11 senior Venezuelan officials following the May re-election of President Nicolas Maduro in polls that the EU said were “neither free nor fair and…lacked any credibility…”

The sanctions – see https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018D0901&from=EN…

THE LATIN American personal care product market, buffeted in recent years by economic and political instability, looks back on track, with trouble-spots such as Venezuela being very much an exception to overall progress.

Data released by market researcher Euromonitor International has said that the region’s beauty and personal care product sales in 2017 topped USD65 billion in 2017, growing by 42.5% between 2012 and last year.…

THE VENEZUELAN government has launched a crypto-currency whose exchange rate is linked to global oil prices and which is backed by the country’s plentiful oil reserves.

The ‘Petro’ is the first state-backed virtual currency. Only the Venezuelan government can issue credits (it is ‘pre-mined’ in crypto-currency jargon).…

OECD SAYS 49 JURISDICTIONS WILL AUTOMATICALLY EXCHANGE TAX INFORMATION THIS YEAR

THE IDENTITY of 49 jurisdictions that will automatically exchange tax information in 2017 under a global standard has been revealed by the Organisation for Economic Cooperation & Development (OECD).…

THE WORLD Trade Organisation (WTO) appellate body is considering an appeal by Brazil against a WTO disputes panel ruling that a wide range of Brazilian tax systems, designed to promote domestic production and exports, breach global trading agreements. The WTO backed Japan and European Union (EU) complaints that these discriminate unfairly against non-Brazilian competitors.…

The macro-economic slowdown experienced by Latin America in recent years has thrown the brakes on what had been impressive growth in the beauty and personal care sector since the turn of the century.

Much of the region is now looking for ways to stimulate the sector, tempering ambitions by aiming for more gradual growth rather than runaway success.…

FOUR Brazilian presidents (including the incumbent), dozens of lawmakers, nearly all governors, mayors of major cities, members of the judicial system and of the press, have been tainted with corruption allegations by the sprawling Lava Jato probe. It has had global impact as one of the biggest scandals in history.…

REDUCING Brazil’s excessive duty tariffs through renewed European Union (EU)-Brazil trade talks is essential to increase textile exports to the Latin American country, EURATEX (the European Apparel and Textile Federation) director general Francesco Marchi has told WTiN.com.

Decisions on tariffs are central to negotiations between the EU and Mercosur – the trading block of Argentina, Paraguay and Uruguay and Brazil (Venezuela was suspended from the group in December 2016).…

Europe’s auto suppliers are pushing the European Union (EU) work harder to secure a free trade deal with the Mercosur bloc to end tariff barriers restricting the current EU exports of vehicles and parts to its South American member countries.

At present this trade with the four founding members of Mercosur – Argentina, Brazil, Paraguay, and Uruguay – is worth a mere USD8 billion.…

The Syria conflict is into its sixth year, as are the multilateral sanctions imposed on the government in Damascus. How effective have the sanctions been, given the Syrian regime’s survival? And where may have funds from members of the regime, and those linked to it, gone?…

Brazil’s tumbling textile exports to Venezuela may fall further if the country is suspended from the south American trading bloc, Mercosur next month. (December, 2016) 

According to World Bank data, Brazil’s textile and clothing exports to Venezuela peaked in 2011 at USD90.3 million but have been falling steadily ever since.…

South America’s cosmetics and personal care sector is looking to bounce back from a slowdown caused by the region’s macroeconomic troubles, but political pressures and regional trade alliances are driving individual country markets down divergent paths.

Over the last year, countries across the region have been buffeted by economic turmoil that has had a knock-on impact on the cosmetics sector.…

Brazil will continue to challenge the USA for the position of being the world’s biggest meat producer and exporter over the next 10 years, with chicken leading the way, Brazilian government forecasts indicate. It says that Brazilian meat production in 2025/26 will be 29.8% higher than in 2015/6 – amounting to 7.8 million tonnes in additional production – resulting in 23.6 million tonnes of output.…

THE EUROPEAN Union (EU) chocolate sector stands to access supplies from the world’s third largest cocoa producer – Indonesia – should new talks to forge an EU-Indonesia trade deal prove successful. The country produced around 400,000 tonnes of cocoa in 2015.…

A decline in exports has ended the boom years for the Colombian cosmetics sector, but the country still holds high hopes of establishing itself as a major regional player.

Colombia’s cosmetics and personal care sector has been thriving for well over a decade, as economic growth has fuelled a strong domestic market and the country established itself as an export hub for the north of South America.…

THE EUROPEAN Union (EU) has chiselled a new template for international organic food trade deals with its new agreement with Chile. The deal involves EU regulators recognising Chilean exports as organic when produced and controlled under Chilean controls; and Chilean regulators accepting EU food exports as organic in Chile when produced under EU organic rules.…

How to remain competitive in the face of falling meat consumption is the main challenge facing the meat and livestock industry today, Pekka Pesonen, secretary general of European Union (EU) farmers’ organisation Copa-Cogeca, has told GlobalMeatNews.

In an exclusive interview held as the EU body launched its #livestockcounts #enjoyagrifood campaign, promoting quality European meat consumption, Pesonen said: “We must ensure the added value of eating high quality meat as part of a balanced diet is communicated effectively to the consumer.”…

Uruguay’s meat exports are rising, with growing production, aggressive promotions and wide access to global markets boosting sales despite a slump in Russian sales. Exports of offal, meat and byproducts increased 8.2% to USD659 million in the year through May 9, compared with USD609 million year-on-year and rose 16% in volume terms to 171,401 tonnes from 147,868 tonnes over the same period, according to the country’s National Institute of Meat (INAC – Instituto Nacional de Carnes).…

Colombia’s bio-based oils and fats sector is seeing industry profits siphoned off by criminal networks thanks to a contraband smuggling boom linked to illegal armed groups, organised crime and money laundering.
Contraband smuggling in Colombia has evolved into a sophisticated criminal business worth USD6 billion a year, according to the estimates of the Colombian National Tax and Customs Directorate (DIAN – Dirección de Impuestos y Aduanas Nacionales), and has become one of the principal threats facing national industries.…

Despite Paraguay’s past difficulties in effectively fighting money laundering, the country has been introducing new regulations to boost its controls; however their reforms’ implementation have been hampered by lack of political will.
Located between Argentina and Brazil, Paraguay is a key country in the struggle against money laundering and financing of terrorism in South America because its porous border is used by drug cartels to smuggle drugs, among other illicit items, into the two region’s biggest markets for cocaine and marijuana.…

THE LATIN American paint and coatings sector has been facing tough times in the past year, with sluggish overall economic performance depressing demand for the industry. Even, last summer’s World Cup football fiesta in Brazil, did not give the region’s largest market any motive to celebrate.…

THE TRADE agreement currently being negotiated between the European Union (EU) and the USA could bring significant opportunities for paint machinery manufacturers if the two parties agree to align their technical standards.
The European Commission, which is negotiating the Transatlantic Trade and Investment Partnership (TTIP) on behalf of the EU, has said it would like to close the gap between the two sides regarding technical regulations affecting the marketing, use and conformity assessment of machinery, as well as electrical and electronic products.…

THE RISK of being kidnapped is a significant concern for those travelling for business to unstable and dangerous regions of the world. Yet, travellers can reduce these risks by following preventative measures and making smart plans, say business security experts. Elizabeth Machuca reports from Mexico City.…

SOUTH America’s personal care product sector has been is facing tougher times than usual – with some countries experiencing weaker sales last year and others faltering this year.
The region’s largest market Brazil is facing a rocky 2015, with a general slowdown in Brazil’s economy, expected to shrink by 1% in 2015.…

MEXICO represents a powerful investment opportunity as the second largest consumer of ‘beauty and personal care products’ (BCP) in Latin America, after Brazil. While a relatively mature BCP market makes growth a creative challenge, the country is increasingly popular as a location for BCP production facilities.…

WHILE the global nonwovens industry maybe booming through investments, acquisition of new sites, expansion of capacity, more customers and exhibitions all over, the same optimism cannot be applied to emerging market former starlet Brazil. Despite its huge market with 200 million inhabitants, the nonwovens sector of South America’s economic powerhouse is looking for another deep loss of steam in 2015.…

A levy on air in the Venezuela’s largest airport, Maiquetía Simón Bolívar International Airport – on both domestic and foreign flights – caused such an uproar in the South American nation last year, it has since been repealed. According to the Venezuelan Airline Association (ALAV – Asociacion de lineas aereas de Venezuela), the ‘air-tax’ was doomed by the constant complaints and delays it caused.…

THE PERSONAL care product industry will be hoping that US President Barack Obama’s “new chapter” in relations with Cuba, announced in December (2014), will revive sales and trade, amidst tightening rules on Cuban travellers from the US.

It is currently not certain just what specific changes in policy on either the US or Cuban side will occur, let alone when, but it is already clear that travel restrictions to Cuba will at least be lightened. …

A FREE trade deal struck between the European Union (EU) and Ecuador should benefit European auto manufacturers with increased market access in Ecuador, the European Automobile Manufacturers Association (ACEA) has told wardsauto. In a statement, ACEA welcomed the inclusion of Ecuador into the Andean free trade agreement previously concluded by the EU with Peru and Colombia.…

The smuggling of auto parts and vehicles into Colombia is a billion dollar trade that has long shackled the sector’s potential for growth. This contraband trade now finds itself squeezed between market forces on one side and a government clampdown on the other, but industry opinion is divided over whether it will be enough to halt the smuggling wave.…

The smuggling of auto parts and vehicles into Colombia is a billion dollar trade that has long shackled the sector’s potential for growth. This contraband trade now finds itself squeezed between market forces on one side and a government clampdown on the other, but industry opinion is divided over whether it will be enough to halt the smuggling wave.…

The Venezuelan government’s economic policies have created a boom in smuggling contraband meat and livestock to neighbouring Colombia. The trade is pushing down Colombian prices, putting consumers at risk and threatening the country’s hopes of becoming an export nation.

Between January and September this year, Colombia’s tax and customs police (Policia Fiscal y Aduanera – POLFA) made over USD1 million worth of seizures of meat and livestock in the form of 106 tonnes of beef, 4 tonnes of pork, 11 tonnes of chicken, 1,024 live cows, 243 pigs and 23,100 chickens.…

Transnational medicine mafias are exploiting the differences between the economic and healthcare models of socialist Venezuela and its free market neighbour Colombia to run a thriving trade in contraband pharmaceuticals.
Every year, networks of smugglers, corrupt officials, and shady businessmen move millions of dollars worth of contraband, expired and false drugs between the two countries, undermining the legal pharmaceutical sector and posing a grave health threat on both sides of the border.…

Colombia has become something of a specialist in dismantling criminal cartels throughout the years, with the cocaine kings of the Medellín Cartel, the Cali Cartel and the Norte del Valle Cartel all consigned to history. Now, the country’s authorities have a new cartel in their sights – a price-fixing nappy cartel headed by the biggest names in the domestic market.…

THE MARKET distorting economic policies of Venezuela’s government were supposed to help the country’s poor, but instead have created a boom in contraband smuggling into neighbouring Colombia, generating massive profits for organized crime, James Bargent reports.

CONTRABAND and smuggling permeate every aspect of economic life in the windswept Colombian border city of Cúcuta.…

A potential bonanza of new projects may be offered to Chinese construction companies following the set-up of a new development bank with lots of cash for infrastructure projects. This July marked the launch of the so-called ‘BRICS Bank’, a new multilateral development bank, operated by Brazil, Russia, India, China, and South Africa.…

Chinese construction firms have cornered plenty of business in Africa and Latin America, but they need upskilling to consolidate their position. Anyone who observes the queues of nervous young men lining up in the early morning in Beijing’s tree-lined Sanlitun diplomatic district will be in no doubt of the intensity of Chinese activity in Africa and Latin America.…

THE EUROPEAN Union (EU) oil refining industry is looking at September as the time when the European Commission may propose a new way to implement the bloc’s fuel quality directive (FQD). This would break a deadlock of almost three years, with Brussels tabling its last proposed technical rules on how the 2009 law should work in October 2011.…

PRODUCTION at Venezuela state oil company Petróleos de Venezuela SA (PDVSA) has slumped under mounting financial pressures, building during the past 15 years when revenues have been tapped by its socialist government to fund social programmes, diplomatic initiatives and other non-commercial policies.…

IN the 1970s and 1980s, the governments of Latin America and the Caribbean did not have a comprehensively robust reputation for sound financial management. Many Caribbean island states had newly emerged from colonialism, finding their way as independent countries. And many Latin American countries were riven by social discord, even civil war, with many under military rule.…

Latin America’s cosmetics and personal care products sector has boomed as consumers take advantage of their rising disposable incomes. The region (including Mexico) accounted for 17% of global sales in the beauty and personal care industry, according to market analysts Euromonitor International in 2013. …

Even during the desperate economic times currently afflicting Venezuela, quality personal care products remain vital to its consumers: “Beauty is part of the culture,” said Jean Clauteaux, president of L’Oréal’s Venezuela section. Unlike neighbouring markets, he said a key characteristic of Venezuelan consumers is their strong demand for high-end products.…

Food manufacturers based in Venezuela have long struggled to supply the country’s oil-fuelled economy amidst strict government controls and shortages of many key industry inputs. And recent changes to the country’s currency regime could – say analysts and business leaders – intensify existing problems in the industry.…

THE COUNTRIES of Latin America may have strong cultural links, but their politics and economies have always varied and this is still the case with the paint and coatings sector. Whilst the whole region has experienced rising incomes over the past decade, this growth has been far from even and is currently under threat – for instance in Venezuela and Argentina, where interventionist governments have impeded trade.…

THE DIRECTOR general of the European Apparel and Textile Confederation (EURATEX) has called on the European Union (EU) to keep pushing for a free trade deal between the EU and the Mercosur trade bloc, notably because it is dominated by Brazil (also including Argentina, Paraguay, Uruguay and Venezuela), which today remains a tough market for the European textile industry.…

Venezuela’s economic woes are weighing heavily on its steel sector, which was already buckling from longstanding labour disputes and related financial problems.

The government in March effectively weakened its currency, the Venezuelan bolivar (VEF) by more than 80% against the US dollar for most transactions, unveiling a new currency market, to combat chronic shortages of key industrial inputs and consumer goods.…

VENEZUELA’S current financial turmoil is compounding problems for the meat industry, where cattlemen and traders alike say they have been severely buffeted by 15 years of socialist rule. “The sector has been bankrupted,” said Rubén Darío Barboza, president of the National Cattle Rancher’s Federation (FEDENAGA).…

Venezuela’s pharma sector is in critical condition as medicine manufacturers and traders are struggling to get their hands on hard currency, hindering them from importing medicines and manufacturing ingredients and materials. US dollars are crucial for most industries in the country’s import-reliant country, which earns most hard currency from oil exports.…

Colombia has perhaps the strongest reputation in Latin America for playing host to powerful illicit drug cartels and their related money laundering. As a result, it is perhaps reassuring that over the past three years, the Colombian government, through the country’s Attorney General’s Office, seized between USD1 billion and USD1.2 billion, according Luis Edmundo Suárez, Colombia’s Unidad de Información y Análisis Financiero – financial information and analysis unit (UIAF).…

While grappling with chronic shortages of many consumer staples, Venezuela is now looking to boost its supply of medicines and strengthen national healthcare system through its role in as president of the South American trade block, Mercosur.

The government journal El Correo del Orinoco, reported last month that Esperanza Briceño, president of the Rafael Rangel National Institute of Hygiene, would work with Mercosur members to “guarantee medicine access for the entire population.”…

ALTHOUGH Colombia’s pharmaceutical sector has enjoyed growth over the past few years, new price controls could disrupt the sector’s expansion if they are poorly planned, industry representatives claim.

Their concerns focus on the reaction to maximum price controls on medication recently approved by the government.…

E-books now look more like evolution than a revolution in Spain. Overall sales of books were Euro EUR2.47 billion last year, down 10.9% on 2011 and 28.9% below 2008. E-book sales were EUR74.3 million, just 3% of the sector, representing 54,714 copies sold.…

Venezuelan President Nicolás Maduro is seeking special powers to combat the country’s deep-seated epidemic of corruption; this while the country is gripped with severe economic problems, marked by shortages of consumer goods and a lack of foreign currency vital to the business sector.…

VENEZUELA’S economic turmoil is plaguing its pharmaceutical sector leaving its medicine manufacturers struggling to meet market demand. Strict price controls and a shortage of foreign currency are contributing to vacant store shelves in pharmacies across the country. Manufacturers are dependent on imported inputs and lack the hard currency to pay for them.…

THE INSURANCE risks involved in oil and gas exploration and production (E&P) are rising in line with growing industry complexity and the move into deeper, remoter and more environmentally sensitive environments.

This is placing ever greater demands on the need to identify, quantify and insure against risk, particularly when the financial and reputational repercussions of getting it wrong are escalating too.…

BRAZIL is an innovative technical textile producer, declares a report from a senior São Paulo’s business school the Getúlio Vargas Foundation (FGV), despite the sector experiencing teething problems as it expands. Looking at the Brazilian textile sector as a whole, the study estimates that 77% of investment into the sector during 2012 was used to buy innovative machinery – and the technical textile sector especially has a lot of demand to meet.…

THERE was much fanfare in Managua in June when Nicaraguan officials granted a concession to build a USD40 billion canal, which would challenge the great Panama Canal. The unlikely builder: a Chinese businessman, Wang Jing, chairman of China-based Xinwei Telecom Enterprise Group and president of the newly established Hong Kong Nicaragua Canal Development Investment Co.…

Venezuela’s cosmetic craze is renowned throughout the region. A beauty culture exists that – besides boosting sales – has produced six Miss Universe winners, six Miss World winners, six Miss Internationals and one Miss Earth. But despite the extra attention given to personal care in this Andean nation, residents have recently been hard pressed to find the most basic of necessities, such as soap and shampoo.…

WHILE it is hard to generalise about a region as diverse as Latin America, the truth is that many of its consumers are more concerned about personal appearance than is typical elsewhere in the world, and that is good news for the personal care product industry.…

Venezuela’s tobacco growers and manufacturers are looking to newly elected president Nicolás Maduro to offer them an olive branch after his predecessor Hugo Chávez levied costly taxes and imposed punishing legislation on the industry.

“We’re hoping for change,” said Enrique Moreno, President of the Venezuelan Tobacco Growers Association (AVENCULTA).”We…

A CENTRE-left Portuguese member of the European Parliament (MEP) Nuno Teixeira has raised concerns about the safety of Brazilian beef after learning that two shipments of Brazilian beef meat have been blocked in the port of Rotterdam after testing positive for the presence of Ecoli bacteria.…

After 14 years of Hugo Chávez’s self-styled “social revolution”, his death this March has left Venezuela’s business executives and accountants looking to a new president to jumpstart the country’s stumbling economy. Venezuela’s consumer prices soared and scarcities of basic consumer goods reached record highs last month as Nicolás Maduro was narrowly elected to replace his strongman predecessor.…

The Inter-American Drug Abuse Control Commission (CICAD), a technical agency of the Organisation of American States (OAS), is playing an increasingly influential role in the Americas in terms of fighting drug-trade linked money laundering. Specifically, CICAD has a central role in the unfolding of the Hemispheric Plan of Action on Drugs 2011-2015 which was adopted by the OAS in 2011, and includes key anti-money launderingAML components.…

COLOMBIA industry associations and politicians have warned the country’s automotive industry is at risk following the signing of a free trade agreement with South Korea in February.

The free trade agreement, which is expected to come into force at the end of this year, will eventually allow South Korea-made vehicles to enter the South American country free of the current 35% tariff.…

BRAZIL’S government is betting its domestic automotive manufacturing sector will recover its production after output declined 1.9% for all vehicles (barring agricultural vehicles) in 2012 compared to 2011, according to Brazil’s National Association of Automotive Vehicle Manufacturers (ANFAVEA).

With overall industrial production in Brazil falling 2.7% last year (2012), the Brazilian Institute for Geography and Statistics (IBGE) said “vehicles exerted the highest negative influence on the overall index, pressed by the decrease in the production of approximately 80% of the products surveyed in this sector, highlighted by the smaller production of trucks, tractor trucks for trailers and semi-trailers, chassis with motor for trucks and buses, diesel motors for trucks and buses, car pieces and vehicles for transportation of goods.”…

As Nicolás Maduro takes the helm as interim President of Venezuela, following the death of his strongman predecessor Hugo Chávez on Tuesday, auto dealers and manufacturers are asking whether the government will continue with policies that produced vehicles shortages and raised prices to exorbitant levels.…

As Nicólas Maduro takes the reins as Venezuelan interim president following the death of his strongman predecessor Hugo Chávez, educators and university administrators are hoping for a chance to repair tattered relations with their government.

“It could be an opportunity, we’re waiting for them to listen us,” said Rafael Escalona, academic vice rector at Caracas’ Simón Bolívar University (USB).…

Venezuela’s steel industry and investors are hoping the country’s Interim President Nicolás Maduro will break with the policies of his late predecessor Hugo Chávez, which have severely buffeted a once largely private and highly profitable sector.

“The disaster of the industry is a combination of policy and mismanagement,” explained analyst Robert Bottome, director of the Caracas-based VenEconomy Publications Group.…

WHILE it is always sensible to handle reports emerging from North Korea with care, it appears undeniable that the country does manufacture cosmetics and other personal care products and could, if current hopes of liberalisation are ultimately realised, become a new market for international players.…

IT has been called the world’s most powerful bank. In their book ‘China’s Superbank Debt, Oil and Influence – How China Development Bank [CDB] is Rewriting the Rules of Finance’, Bloomberg journalists Henry Sanderson and Michael Forsythe describe how the “CDB’s system of local government finance has helped lift millions out of poverty and shielded the country from recession”.…

Colombia’s clothing export sector is eyeing Europe as a key market for diversifying its sales away from a reliance on the United States and neighbouring South American countries. Senior industry officials speaking at the major Latin America textile and apparel trade fair, Colombiatex, staged last week in Medellin, said they would pro-actively seek out European sales.…

BY MARK ROWE, MICHAEL KOSMIDES, IN ATHENS, AND MOHAMMED YUSUF, IN NAIROBI

INTERNATIONAL civil aviation procedures are designed to create predictability. But they are not usually applicable for airports in territories that have declared independence, but have not achieved full international recognition, or a seat at the United Nations.…

BY KEITH NUTHALL

THE EUROPEAN Commission has confirmed key beef exporters Brazil, Argentina and Uruguay will be excluded from the European Union’s future GSP low import duty regime for emerging markets, as they are now too rich to benefit. Brussels has released a list of countries that will qualify for this special status and the Brazilians, Argentines and Uruguayans are not included, along with middle-income countries such as Venezuela, Belarus, Russia, Kazakhstan, Malaysia and others.…

BY KEITH NUTHALL

PRESSURE is growing on European Union (EU) ministers to give the EU’s sugar production quota system a stay of execution. MEPs on the European Parliament’s agriculture committee have called for the retention of EU sugar quotas for beet farmers until 2020, rather than follow existing plans to phase them out in 2015.…

BY KEITH NUTHALL

THE CEO of Nestlé has praised the role of international standards in managing his multi-national company, giving it a health-based legal framework within which its specialists can creatively develop new confectionery and other food products.

Speaking within an International Organization for Standardization (ISO) briefing, Paul Bulcke said: “Tastes may differ, but health requirements and minimum standards are the same the world over.…

BY JONATHAN DYSON, IN LA PAZ

STRONG growth in Bolivia’s personal care market is attracting an increasing number of both international and domestic cosmetics brands, capitalising on rising demand for products across all consumer demographics. This market success can be linked to the country’s overall economic growth in recent years, which has seen GDP rise about 5% per year since the country’s indigenous socialist president Evo Morales came to power in 2006.…

BY JONATHAN DYSON, IN LA PAZ

Bolivia’s clothing industry is diversifying its exports as it looks to combat the challenges faced by the influx of cheaper products from China.

One of Bolivia’s leading clothing companies Aemprotex (the Bolivian Association of Textile Producers Entrepreneurs) has announced that it is expanding its production to boost exports to Venezuela.…

BY JAMES FULLER

IF evidence were needed to show how globalised the confectionery sector has become – then look at the row between Ecuador and the European Union (EU) over possible EU controls limiting levels of toxic metal cadmium in cocoa powder and chocolate.…

BY KEITH NUTHALL

THE EUROPEAN Commission has confirmed it is scrapping sugar production quotas across the European Union (EU) in 2015 when proposing a comprehensive reform of the EU’s Common Agricultural Policy (CAP). There have been calls from some member states and MEPs for the quota regime to be renewed, but the Commission has stuck to its guns and will continue with abolition.…

BY PACIFICA GODDARD

Venezuela’s so-called ‘autonomous’ public universities are claiming they will receive only a fraction of the state funding they require in 2012 under a new government budget, currently being finalised in the country’s national assembly. The universities claim they are being singled out because of their independence – they are public, but not under the control of President Hugo Chavez’ leftist government.…

BY ROBERT STOKES

NATIONALISM and the energy industry have made uneasy bedfellows throughout history, yet Scotland is attracting substantial international investment in renewables despite having, since May and for the first time, a majority government committed to winning independence from the UK.…

BY KEITH NUTHALL

THE DUTCH Caribbean island of Curaçao will install access to Interpol’s global databases at Curaçao International Airport, after talks between its government and Interpol’s secretary general. Just north of Venezuela, Curaçao has been a transit point for international crime, especially the drugs trade, and Interpol said airport officials using its databases could henceforth instantly identify a fraudulent passport recorded on its stolen and lost travel documents database.…

BY PACIFICA GODDARD

LATIN America is proving to be one of the most intriguing and exciting markets globally for beauty and personal care products. "The Latin American cosmetic market grew 20% in 2010, so now it is a market of US dollars USD64 million – almost as big as the north American market," said Mr Jaime Concha Prada, who recently served as president of CASIC, the Chamber of the Latin American Cosmetics Industry.…

BY KEITH NUTHALL

HIGH sugar prices and tight supplies are a constant worry for confectionery manufacturers this year, and the European Union (EU) has been trying to keep these problems under control. The International Monetary Fund (IMF) has estimated that global prices rose 81.4% from last July (2010) to this January (2011) and the EU has taken action.…

BY PACIFICA GODDARD

VENEZUELA: Student hunger strike ends with prison release

Pacifica Goddard

Venezuelan student protestors have agreed to end a hunger strike that they had been taking part in for the previous 23 days. Organised by opposition youth group Active Youth, Venezuela United (JAVU), the strike began on January 31, with only nine students but quickly grew until more than 80 people were participating.…

BY KEITH NUTHALL

THE EUROPEAN Union (EU) Council of Ministers has drawn a curtain over the longest running trade dispute in the World Trade Organisation’s (WTO) history – approving December 2009 deals on reducing EU banana import tariffs. These had been struck with the USA, Brazil, Colombia, Costa Rica, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Peru and Venezuela solving complaints the EU unfairly favoured Caribbean island banana exports with quota and tariffs.…

BY PACIFICA GODDARD

VENEZUELA: Student hunger strike ends with prison release

Pacifica Goddard

Venezuelan student protestors have agreed to end a hunger strike that they had been taking part in for the previous 23 days. Organised by opposition youth group Active Youth, Venezuela United (JAVU), the strike began on January 31, with only nine students but quickly grew until more than 80 people were participating.…

BY KEITH NUTHALL

A WORLD Bank report has told Latin American countries with major hydrocarbon resources, such as Mexico and Venezuela, to diversify their economies by reinvesting windfall export earnings from emerging markets. ‘Natural Resources in Latin America and the Caribbean: Beyond Booms and Busts?’…

BY KEITH NUTHALL

THE INTERNATIONAL Organisation for Standardization (ISO) is developing standards for natural gas fuelling stations to help promote vehicles using this alternative fuel. A new committee ISO/PC 252 will coordinate the work, developing two standards: on fuelling stations for compressed natural gas (CNG) and liquefied natural gas (LNG).…

BY PACIFICA GODDARD

THE ORGANIC cosmetics market has been booming over the last few years, generating substantial consumer interest in the US and Europe. As cosmetics companies scramble to offer the latest, most effective natural ingredients, many are turning to the biodiverse region of Latin America for inspiration.…

BY PACIFICA GODDARD

According to the US department of agriculture (USDA), about 70% of the 2.5 billion litres of fruit and vegetable juices sold in Mexico in 2009 were produced domestically. Mexico exported USdollar USD266.99 million worth of juices in 2009, compared to USD308.23 million in 2008 and USD247.29 million in 2007, according the UN Comtrade database.…

BY PACIFICA GODDARD

The carbonated soft drink segment has suffered recently in the United States and Europe, as consumers have become more health conscious and switched to less sugary alternatives, but in Latin America carbonated beverages have continued to perform well.…

BY PACIFICA GODDARD

Despite the difficult economic climate, spirits are still selling well in Latin America, and in 2008, 3 billion litres of spirits were sold, according to Canadean. However, spirits for the most part are not a very dynamic segment, and consumption per capita has remained steady between 4.5 and 4.6 litres for the last five years, and growth was flat at 0.4% in 2009.…

BY PACIFICA GODDARD

A decade ago, Latin America was considered to be one of the beer industry’s toughest markets, due to frequent bouts of economic uncertainty and political turmoil. But a lot has changed in the region since the year 2000, and recently instead of recoiling from this region, the biggest beer companies in the world have been fighting tooth and nail for shares of it.…

BY PACIFICA GODDARD

The most important markets for bottled water have traditionally been developed economies like Western Europe and the United States. However, growth in these markets has recently flattened out, exacerbated by the global economic crisis and growing environmental concerns over the product.…

BY PACIFICA GODDARD

INTRODUCTION

LATIN America has never been a strong player in the global drinks marketplace, but maybe, as much of the region struggles towards unprecedented prosperity, this could change. Mexico has shown the way with the international profile of its beers, notably Corona, and its world-beating Tequila and Mezcal industries.…

BY PACIFICA GODDARD

INTRODUCTION

LATIN America has never been a strong player in the global drinks marketplace, but maybe, as much of the region struggles towards unprecedented prosperity, this could change. Mexico has shown the way with the international profile of its beers, notably Corona, and its world-beating Tequila and Mezcal industries.…

BY PACIFICA GODDARD

LAST year in Latin America, British American Tobacco (BAT) and Philip Morris International (PMI), the region’s two dominant companies, battled to maintain profits through declining volumes. Overall, Latin America was profitable for both companies. For BAT, profits were mainly attributable to a strong performance in Brazil, and improved premium brand sales, however volumes sales declined throughout the region.…

BY PACIFICA GODDARD

INTRODUCTION

There are signs around the world that the textile market is beginning to recover from the global economic crisis, and developing markets will be leading that recovery. Asia is, of course, at the forefront, but many countries in Latin America have also weathered the crisis and have come out in a surprisingly decent position, with their dynamic textile and apparel industries well positioned for future expansion.…

By Leah Germain, International News Services

Globalisation has created new opportunities for the transfer of people and products across borders, and broadened the scope of many businesses around the world. But it’s not all good news of course: one of the seamier sides of growing international commerce is the abduction and trafficking of human beings. 

The problem is getting worse. Just over a year since the collapse of the global market, countries around the world have reported a significant increase in cases of the exploitation of people for monetary gain. While cases of kidnapping and ransom continue to be common in African and Latin American countries, such as Nigeria and Venezuela, the majority of organized human trafficking cases are actually in Europe.…

BY PACIFICA GODDARD

The Venezuelan cigarette market experienced an overall decline in 2008 and the first half of 2009. In 2008, 11.95 billion sticks were sold, an 8.6% drop from the 13.07 billion sticks sold in 2007, according to the United Nations Statistics Division.…

BY KEITH NUTHALL

AN INITIATIVE boosting the ability of Latin American and Caribbean countries to prevent precursor chemicals from being diverted from legitimate uses to illegal narcotic production has been launched. The UN Office in Drugs and Crime and European Commission’s three-year PRELAC project will cover: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Jamaica, Mexico, Panama, Peru, Trinidad & Tobago and Venezuela.…

By Leah Germain

The World Bank’s International Finance Corporation (IFC) is investing US$8 million into Colombia’s private higher education sector to promote affordable technical and professional education for the country’s low and middle-income students. The funds will help finance the private Colombian university, Corporación Universitaria Minuto de Dios (Uniminuto).…

BY PAUL COCHRANE

IRAN has been under international financial and other trading scrutiny since the Islamic revolution 30 years ago, with sanctions by the United States tightened under the Clinton administration through the Iran-Libya Sanctions Act. And since Iran’s decision to embark on a nuclear programme, US sanctions have intensified, but in the face of such restrictions Iranian banks and individuals are increasingly using joint venture banks in the Middle East and South America to bypass scrutiny.…

BY KEITH NUTHALL, EMMA JACKSON and ALAN OSBORN

IN the early 1990s the nuclear power industry faced a bleak outlook. High profile accidents such as in Chernobyl and Three Mile Island in, Pennsylvania, the USA, had raised public concern about the safety of the industry to all time high.…

BY PACIFICA GODDARD

WHILE net revenues for tobacco product sales in some key countries in South America have experienced growth in the last few years, in general the regional tobacco product market is stagnant. Producers blame increased excise rates, public health awareness, and new and more rigidly enforced regulations for the gloom.…

BY KEITH NUTHALL

THE EUROPEAN Food Safety Authority (EFSA) has proposed relaxing a tight limit on residues of the pesticide thiram on bananas, which would enable Belgium’s Taminco NV to import the fruit from Ecuador, Costa Rica,

Columbia, Panama, Mexico, Honduras, Guatemala, Venezuela, and Brazil.…

BY GEORGE STONE

SOUTHERN Africa has always been rich in natural resources, but its ability to process and manufacture them has not always matched this bounty. Oil refining capacity is a case in point and the governments of South Africa, Angola and Mozambique are trying to push forward.…

BY PACIFICA GODDARD, in Caracas; MARVIN HOKSTAM, in Paramaribo, JAMES FULLER, in Port of Spain

IT may seem like a good thing for fuel retailers to be based in country that is sitting on a bounty of fuel reserves. But that is not necessarily the case, as many Latin American and Caribbean retailers can testify.…

BY KEITH NUTHALL

THE SOCIALIST government of Venezuela’s president Hugo Chavez has nationalised the country’s fuel distribution sector. It was the last part of the Venezuelan oil industry largely in private hands, being handled by dozens of companies, including some multinationals.…

BY PACIFICA GODDARD

CHINA’S entry into the World Trade Organisation (WTO) in 2002 and the recent end of quotas in the US and European markets have created gigantic changes in the textile industry worldwide, with developing markets like those in Latin America expected to suffer the most from these shifts.…

BY PACIFICA GODDARD, in Caracas

LATIN AMERICA has long been notorious for its high levels of corruption, especially through money laundering, bribery and the illicit drug trade. And although the recent years of relative stability and democratisation in the region have brought economic progress, this has also widened the opportunities for fraudulent activities and fuelled an increasing sophistication by which they are performed.…

BY RACHEL JONES, in Caracas

BIOGRAPHY

Olga Sandoval, 29, Licensed Nurse, University Hospital (Hospital Clinico Universitario), Caracas, Venezuela

Nursing License, Central University of Venezuela (UCV). Worked for two years in the San Roman Urological Clinic and seven years at the University Hospital, including one year of intensive care training.…

BY RACHEL JONES, in Caracas

AS one of South America’s largest economies and the world’s leading

exporter of soy and sunflower oil, Argentina experienced a GDP growth rate

of 8.4 percent in 2006 and 7.9 percent a year earlier, according to the US

Energy and Information Administration.…

BY RACHEL JONES, in Caracas

FOLLOWING the late-November OPEC summit in Riyadh, Saudi Arabia, Venezuelan President Hugo Chavez visited Tehran to discuss joint ventures over oil refining and then chuckle with his Iranian counterpart, Mahmoud Ahmadinejad, over the weakened US dollar.…

FROM RACHEL JONES, in Caracas

Image1.TIF (Heavy Oil Strategic Associations)

-Credit: LatinPetroleum

-Caption: Production figures for projects in Venezuela’s Orinoco Oil Belt.

Image2.TIF

-Credit: LatinPetroleum

-Caption: Details of heavy oil projects in Venezuela’s Orinoco Oil Belt.

Image3.TIF

-Credit: LatinPetroleum

-Caption: Map of heavy oil projects in Venezuela’s Orinoco Oil Belt.…

BY RACHEL JONES, in Caracas

VENEZUELA’S Orinoco Belt-which follows the line of the Orinoco River in the south of the country’s Guárico, Anzoátegui and Monagas states-is home to some of the biggest reserves of crude oil in the world: 77.2 billion barrels of conventional proved reserves, and about 270 billion barrels of recoverable heavy oil.…

BY RACHEL JONES, in Caracas

THE OSCAR Machado Zuloaga Airport (SVCS), (NOTE – SPELLING IS CORRECT) also known as the Caracas Airport, sits on a mesa (flat-topped hill) in Charallave, a 45-minute drive from Venezuela’s capital of Caracas. The privately owned airport, flanked by manicured boulevards, provides a tranquil home for about 500 small planes.…

BY RACHEL JONES, in Caracas

A NUMBER of factors have contributed to a booming Latin American market in soap, perfume and cosmetics – most importantly, regional economic growth and a healthy overall GDP. Hair care is the region’s biggest seller, but an increase in life expectancy has created a growing demand for skin care products, especially those related to anti-aging and sun protection.…

BY RACHEL JONES, in Caracas

WHILE Venezuela’s economy relies on its petroleum wealth, oil spills could devastate its environment. In 1997, a tanker spilled thousands of tonnes of oil in the Maracaibo Channel, affecting wildlife along 45 km of beach. Would Venezuelans support environmental restrictions on the petroleum industry if it meant that the country’s oil production fell, denying them millions of petrodollars?…

BY RACHEL JONES, in Caracas
WHILE Venezuela’s economy relies on its petroleum wealth, oil spills could devastate its environment. In 1997, a tanker spilled thousands of tonnes of oil in the Maracaibo Channel, affecting wildlife along 45 km of beach. Would Venezuelans support environmental restrictions on the petroleum industry if it meant that the country’s oil production fell, denying them millions of petrodollars?…

BY RACHEL JONES, in Caracas

WHILE Venezuela’s economy relies on its petroleum wealth, oil spills could devastate its environment. In 1997, a tanker spilled thousands of tonnes of oil in the Maracaibo Channel, affecting wildlife along 45 km of beach. Would Venezuelans support environmental restrictions on the petroleum industry if it meant that the country’s oil production fell, denying them millions of petrodollars?…

BY KEITH NUTHALL
THE UNITED States Trade Representative (USTR) has released a series of detailed reports outlining the threats posed by counterfeiters worldwide and the inability of many governments to fight the problem.

Its sheaf of intelligence includes comprehensive warnings from cigarette giant Philip Morris, a company that has adopted a high profile in fighting counterfeiters and smugglers.…

BY KEITH NUTHALL
AN AMERICAN anti-piracy group has warned that the Czech Republic and Costa Rica have joined the well-known major sources of counterfeit clothing such as China and Brazil. And in a report, the International Anti-Counterfeiting Coalition adds that the “vast majority” of pirated clothing exported from the Czech Republic was actually made in China.…

BY RACHEL JONES, in Caracas
VENEZUELA’S economy, fueled by its vast oil wealth, has grown by about 9% in 2006, making it one of the fastest-growing in Latin America, resulting in increased consumption and production of paints and coatings. However, the boom has not been all good news for the sector, it has also caused problems related to inflation and currency controls, specifically in regards to the importation of primary materials for production.…

BY KEITH NUTHALL

THE WORLD Trade Organisation (WTO) has exempted from its standard free trade rules for a further six years countries involved in the Kimberley Process Certification Scheme combating ‘blood diamond’ sales.

Its current waiver was to expire December 31 and protects trade restrictions undertaken by participating countries preventing rough diamonds being exported to non-signatory states.…

BY RAGHAVENDRA VERMA, in New Delhi

"REFINERY Process Outsourcing" or simply RPO is an exciting buzzword in the otherwise hard-pressed Indian petroleum industry, as the term represents newly found and highly profitable venture of operating refineries to fulfil surging international demand.…

BY LIZ HALL

SIX years ago, government representatives from nine South American countries gathered in Cartagena de Indias, Colombia, to sign a document of great importance to those concerned with fighting money-laundering (ML) and terrorism financing (TF).

On December 8, 2000, representatives of the governments of the following countries: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay, signed the Founding Memorandum of Understanding (MOU) formally establishing GAFISUD, a regional body modelled on the Financial Action Task Force (FATF).…

BY KEITH NUTHALL

THE UNITED States is coming under pressure at the World Trade Organisation (WTO) over its refusal of a licence allowing the registration of the contested Havana Club rum trademark to be renewed. Washington has already lost a WTO disputes case over the issue, with a panel declaring illegal clauses in its Omnibus Appropriations Act that prevent the registration of trademarks expropriated in the Cuban revolution after 1959.…

BY WESLEY GIBBINGS, in Port of Spain, Trinidad

WITH its multiple small jurisdictions, offshore tax havens and proximity to both drug producing countries in Latin America and the United States, the Caribbean has always been a focus of global anti-money laundering efforts.…

BY ALAN OSBORN

IN line with the growing recognition in the 1980s of anti-money laundering campaigns as a weapon against terrorism and increased knowledge global drug supply routes, (implicating a number of Latin American countries), governments of the western hemisphere concluded that greater formal co-operation was necessary in fighting dirty money.…

BY ALAN OSBORN

IN line with the growing recognition in the 1980s of anti-money laundering campaigns as a weapon against terrorism and increased knowledge global drug supply routes, (implicating a number of Latin American countries), governments of the western hemisphere concluded that greater formal co-operation was necessary in fighting dirty money.…

BY ALAN OSBORN
A PROPOSAL by the European Commission to publish a blacklist of airlines with unsatisfactory safety records could mean the withdrawal of insurance cover for companies failing to measure up according to Commission officials. The Brussels plan has been made in the context of a recent sequence of aviation crashes off Italy, Greece, Canada and Venezuela where defective aircraft or negligence by operating personnel have come under suspicion.…

BY LIZ HALL
A PROFUSION of family-run businesses, corrupt and under-resourced authorities and low wages has traditionally meant much commercial crime goes undetected in Latin America. But the tide is turning, with more and more companies unwilling to turn a blind eye to fraud, bribery and counterfeit goods production.…

KEITH NUTHALL
THE AQUATIC Animals Commission has reported a significant outbreak of Taura syndrome amongst shrimps in Venezuela, the first time that disease has been reported in the country. The arm of the Office International des Épizooties (OIE) animal health organisation said that there had been 26 outbreaks in Zulia, Falcon and Nueva states, resulting in 700 million shrimp deaths, among a susceptible population of 2 billion.…

BY KEITH NUTHALL
NOBODY likes to be on a blacklist, especially one written by the American government. But every year, the US state department issues a comprehensive rogues gallery of countries involved in the narcotics trade and related criminal problems. One surprising entrant: the United States.…

BY KEITH NUTHALL
ALL but one of the commonly used forms of asbestos have been added to a United Nations blacklist, enabling countries to block further imports without being challenged in global tribunals such as the World Trade Organisation. Amosite, actinolite, anthophyllite and tremolite were added to the Rotterdam Convention Prior Informed Consent (PIC) list by an intergovernmental negotiating committee, meeting in Geneva, Switzerland.…

BY PHILIP FINE

A PROFESSOR of geology at the University of Toronto believes that the materials that form the gem diamonds mined in Guaniamo, Venezuela, originated on the ocean floor and has found hard evidence to support his theory. Daniel Schulze says diamonds act as time capsules, preserving inside themselves a record of conditions that existed during diamond formation.…

BY KEITH NUTHALL in Paris, ALAN OSBORN in London, MARK ROWE in Singapore, ED PETERS and DON GASPER in Hong Kong, RICHARD HURST in Johannesburg, MONICA DOBIE and PHILIP FINE in Montreal, MATTHEW BRACE in Brisbane and ALEX SMAILES in Port of Spain.…

BY KEITH NUTHALL
THE INTERNATIONAL Finance Corporation (IFC), of the World Bank, is lending US$105 million to Petrobras Energía Venezuela (PEV), owned by Argentina’s Pecom Energía, for developing PEV’s four Venezuelan oil fields. The IFC said the loan was “critical to the sustainability and expansion of PEV.”…

BY KEITH NUTHALL
ALTHOUGH air traveller numbers fell last year, with the civil aviation industry still reeling from September 11, the global travel retail market for perfumery and cosmetics grew by 7.2 per cent last year, the strongest performer of all duty-free shop goods.…

BY KEITH NUTHALL
AS with many projects inspired by the start of the next 997 years and the last three, the framing of the United Nations’ (UN) Millennium Development Goals was an ambitious enterprise.

Imposing statistically measurable targets for international organisations and national governments in making improvements in global poverty, education, gender equality, health, the environment and education, they have proved tough to attain.…

BY KEITH NUTHALL
WAY back when….last December….the International Maritime Organisation agreed a compulsory maritime security code for its member countries, covering ships and ports involved in international trade. Governments have to write the code into their laws by December 31 and shipping companies and port authorities are supposed to comply by June 2004.…

BY KEITH NUTHALL
VENEZUELA’S Anti-Dumping and Safeguards Commission’s technical secretariat is to launch a formal investigation into a boom in footwear imports into its country, which are expected to lead to the erection of temporary safeguard duties to protect the local production industry.…

Keith Nuthall
A SPECIAL conference on settling a number of maritime border disputes in the Caribbean has been launched, which could help develop international law regarding the effect of uninhabited island on establishing exclusive economic zones.

One wrangle is between Venezuela and the Caribbean island state of St Kitts and Nevis, which has been protesting about maritime boundary treaties concluded by the south American state regarding the so-called Isla Aves; they grant the islands full territorial sea status, including an exclusive economic zone, or continental shelf.…

BY KEITH NUTHALL
AN AGREEMENT supporting research into new technologies for food distribution has been signed by the EU, Argentina, Chile, Cuba, Mexico, the Dominican Republic and Venezuela.…

Keith Nuthall
THE VENEZUELAN government has notified the World Trade Organisation about how it intends to implement the third tranche of its liberalisation commitments under the Agreement on Textiles and Clothing. Caracas said its new quota-free list of goods would include additional products, accounting for at least 18 per cent of Venezuela’s 1990 textile and clothing imports.…

BY MARK ROWE
THE UNITED States faces another World Trade Organisation battle over tariffs, this time with Thailand over Washington’s intention to waive clothing duties on exports from South American countries. The Thai government has warned that its industries will suffer heavily if the US waives duties on garments and footwear exported from Bolivia, Colombia, Ecuador, Peru and Venezuela.…

BY KEITH NUTHALL
THE VENEZUELAN government has informed the WTO of a safeguards duty investigation into imports of U sections of iron or steel, hot-drawn or extruded, of a height of between 80 mm and 120 mm, and of I sections of iron or steel, hot-drawn or extruded, of a height of between 80 mm and 140 mm.…

BY KEITH NUTHALL
THE EUROPEAN Commission has cleared a planned Spanish publishing joint venture between Germany’s Bertelsmann and Arnoldo Mondadori Editore SpA, of Italy, combining all the book publishing divisions and imprints in Spain and Latin America of Random House and Mondadori.…

BY KEITH NUTHALL
MEMBER governments of the World Trade Organisation are to examine in detail proposals made by the EU, USA, Venezuela and Canada for the dismantling of national bureaucratic barriers that can prevent oil and gas companies from working effectively around the world.…